Tuesday, August 01, 2006

Billionaires Bail on Tax Payments

Rich and politically connected folks have been saving a bundle through tax shelters. It's cost Uncle Sam $40-billion a year. That's money the rest of us taxpayers have to make up.

A Senate committee will release a 370-page report detailing how millionaires and billionaires are getting out of paying taxes by using shell companies and trusts on the Isle of Man.

Among the rich and famous listed:
  • Robert Wood Johnson IV -- NY Jets owner
  • Sam & Charles Wyly -- brothers who've bankrolled President Bush's campaigns
  • Haim Saban -- Democratic Party fundraiser who made it big selling "Mighty Morphin Power Rangers"

Ain't that rich? (WashPost)

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